Principal Financial Group Inc. Reduces Holdings in Alexander & Baldwin, Inc. (NYSE:ALEX)

Principal Financial Group Inc. reduced its stake in Alexander & Baldwin, Inc. (NYSE:ALEX) by 4.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 342,337 shares of the financial services provider’s stock after selling 15,762 shares during the period. Principal Financial Group Inc. owned about 0.47% of Alexander & Baldwin worth $6,573,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ALEX. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in shares of Alexander & Baldwin by 386.5% during the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 481,253 shares of the financial services provider’s stock worth $9,240,000 after purchasing an additional 382,327 shares during the period. State Street Corp lifted its holdings in Alexander & Baldwin by 9.4% in the 3rd quarter. State Street Corp now owns 4,228,089 shares of the financial services provider’s stock worth $82,033,000 after buying an additional 363,223 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of Alexander & Baldwin by 10.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 1,970,393 shares of the financial services provider’s stock worth $37,832,000 after buying an additional 190,357 shares during the last quarter. Harbor Capital Advisors Inc. raised its holdings in shares of Alexander & Baldwin by 101.0% during the third quarter. Harbor Capital Advisors Inc. now owns 221,692 shares of the financial services provider’s stock valued at $4,256,000 after acquiring an additional 111,392 shares in the last quarter. Finally, Reinhart Partners LLC. raised its holdings in shares of Alexander & Baldwin by 2.9% during the third quarter. Reinhart Partners LLC. now owns 2,553,912 shares of the financial services provider’s stock valued at $49,035,000 after acquiring an additional 72,240 shares in the last quarter. Institutional investors own 91.29% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ALEX. Piper Sandler reissued an “overweight” rating and set a $23.00 price objective (up from $22.00) on shares of Alexander & Baldwin in a research report on Friday, October 25th. StockNews.com raised shares of Alexander & Baldwin from a “hold” rating to a “buy” rating in a research note on Monday, November 25th.

Alexander & Baldwin Stock Performance

Shares of Alexander & Baldwin stock opened at $17.74 on Thursday. The business has a fifty day simple moving average of $18.91 and a two-hundred day simple moving average of $18.67. The firm has a market capitalization of $1.29 billion, a P/E ratio of 28.61 and a beta of 1.27. The company has a current ratio of 0.35, a quick ratio of 0.35 and a debt-to-equity ratio of 0.47. Alexander & Baldwin, Inc. has a 12 month low of $15.53 and a 12 month high of $20.30.

Alexander & Baldwin Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 8th. Shareholders of record on Friday, December 20th will be issued a $0.2225 dividend. This represents a $0.89 dividend on an annualized basis and a yield of 5.02%. The ex-dividend date is Friday, December 20th. Alexander & Baldwin’s dividend payout ratio (DPR) is presently 145.16%.

About Alexander & Baldwin

Alexander & Baldwin, Inc (NYSE: ALEX) (A&B) is the only publicly-traded real estate investment trust to focus exclusively on Hawai’i commercial real estate and is the state’s largest owner of grocery-anchored, neighborhood shopping centers. A&B owns, operates and manages approximately 3.9 million square feet of commercial space in Hawai’i, including 22 retail centers, 13 industrial assets and four office properties, as well as 142.0 acres of ground lease assets.